Existing Home Sales from National Assoc of Realtors
The week closes tomorrow with the release of January's Existing Home Sales report at 10:00 AM ET. The National Association of Realtors will give us this data, which tracks home resales throughout the country. It is expected to show a decline in sales of existing homes, meaning the housing sector softened last month. Ideally, the bond market would like to see a sizable decline in sales because weak housing makes broader economic growth more difficult. Since long-term securities such as mortgage bonds tend to thrive during weaker economic conditions, weak housing numbers would be good news for mortgage rates.